UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
D.C. 20549


_______________




FORM
10-Q


_______________




x
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934




For
the quarterly period ended September 30, 2008




o
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For the transition period from
______to______.




GLOBAL
HOLDINGS, INC.


(Exact
name of registrant as specified in Charter




Nevada
            
            333-150651
            
            20-8403198(State
      or other jurisdiction of
              incorporation
      or organization)
            
            (Commission
      File No.)
            
            (IRS
      Employee Identification No.)





P.O.
Box 6053


East
Brunswick, New Jersey 08816


(Address
of Principal Executive Offices)


_______________




(732)
991-5610


(Issuer
Telephone number)


_______________




(Former
Name or Former Address if Changed Since Last Report)




Check
whether the issuer (1) has filed all reports required to be filed by Section 13
or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2)has been
subject to such filing requirements for the past 90 days. Yes x  No
o




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company filer.
 See definition of “accelerated filer” and “large accelerated filer” in
Rule 12b-2 of the Exchange Act (Check one):




Large
Accelerated Filer o     Accelerated
Filer o     Non-Accelerated
Filer o     Smaller
Reporting Company x




Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2
of the Exchange Act.


Yes o  No x




State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of November 10, 2008: 18,124,000 shares of common stock.













GLOBAL
HOLDINGS, INC.




FORM
10-Q




September
30, 2008




INDEX




PART
I-- FINANCIAL INFORMATION




Item
      1.
            Financial
      StatementsItem
      1A.
            Risk
      FactorsItem
      2.
            Management’s
      Discussion and Analysis of Financial ConditionItem
      3
            Quantitative
      and Qualitative Disclosures About Market RiskItem
      4T.
            Control
      and Procedures




PART
II-- OTHER INFORMATION




Item
      1
            Legal
      ProceedingsItem
      2.
            Unregistered
      Sales of Equity Securities and Use of ProceedsItem
      3.
            Defaults
      Upon Senior SecuritiesItem
      4.
            Submission
      of Matters to a Vote of Security HoldersItem
      5.
            Other
      InformationItem
      6.
            Exhibits
      and Reports on Form 8-K




SIGNATURE













Item 1. Financial
Information




Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
   
   CONTENTS
  Page(s)Consolidated
      Balance Sheets – As of September 30, 2008 (Unaudited) andDecember
      31, 2007 (Audited)
              1Consolidated
      Statements of Operations –
                For
      the Three Months Ended September 30, 2008 and 2007, for the Nine MonthsEnded
      September 30, 2008, for the Period from January 29, 2007 (Inception) toSeptember
      30, 2007 and for the Period from January 29, 2007 (Inception) toSeptember
      30, 2008 (Unaudited)
              2Consolidated
      Statements of Cash Flows –
                For
      the Nine Months Ended September 30, 2008, for the Period fromJanuary
      29, 2007 (Inception) to September 30, 2007 and for the Periodfrom
      January 29, 2007 (Inception) to September 30, 2008
    (Unaudited)
              3Notes to
      Consolidated Financial Statements (Unaudited)
              4 -
  9
 
  
   Global
      Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated Balance
      SheetsSeptember
      30, 2008
                
                
                December
      31, 2007(Unaudited)
                
                
                (Audited)AssetsCurrent
      AssetsCash
                
                $
                917
                
                
                $
                -Total
      Current Assets
                
                
                917
                
                
                
                -Total
      Assets
                
                $
                917
                
                
                $
                -Liabilities and
      Stockholders’ DeficitCurrent
      LiabilitiesAccounts
      Payable
                
                $
                20,539
                
                
                $
                -Loans payable - related party
                
                
                964
                
                
                
                964Total
      Current Liabilities
                
                
                21,503
                
                
                
                964Stockholders’
      DeficitPreferred
      stock ( $0.0001 par value, 5,000,000 shares authorized,none issued and outstanding)
                
                
                -
                
                
                
                -Common
      stock ($0.0001 par value, 200,000,000 shares authorized,18,124,000
      and 18,084,500 shares issued and outstanding
                
                
                1,812
                
                
                
                1,808Additional
      paid in capital
                
                
                24,788
                
                
                
                16,892Deficit
      accumulated during development stage
                
                
                (47,186
                )
                
                
                (2,764
                )Subscription
      receivable
                
                
                -
                
                
                
                (16,900
                )Total
      Stockholders’ Deficit
                
                
                (20,586
                )
                
                
                (964
                )Total
      Liabilities and Stockholders’ Deficit
                
                $
                917
                
                
                $
                -
  See accompanying notes to
unaudited financial statements
   1
  Global Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated
      Statements of Operations(Unaudited)For
      the Three Months Ended September 30,
                  
                  
                  For
      the Nine Months Ended
                  
                  
                  For
      the Period from January 29, 2007 (inception) to
                  
                  
                  For
      the Period from January 29, 2007 (inception) to2008
                  
                  
                  2007
                  
                  
                  September
      30, 2008
                  
                  
                  September
      30, 2007
                  
                  
                  September
      30, 2008Revenues
                  
                  $
                  -
                  
                  
                  $
                  -
                  
                  
                  $
                  1,484
                  
                  
                  $
                  -
                  
                  
                  $
                  1,484Operating
      expensesGeneral
      and administrative
                  
                  
                  24,881
                  
                  
                  
                  325
                  
                  
                  
                  45,906
                  
                  
                  
                  2,764
                  
                  
                  
                  48,670Total
      operating expenses
                  
                  
                  24,881
                  
                  
                  
                  325
                  
                  
                  
                  45,906
                  
                  
                  
                  2,764
                  
                  
                  
                  48,670Loss
      from operations
                  
                  
                  (24,881
                  )
                  
                  
                  (325
                  )
                  
                  
                  (44,422
                  )
                  
                  
                  (2,764
                  )
                  
                  
                  (47,186
                  )Net
      loss
                  
                  $
                  (24,881
                  )
                  
                  $
                  (325
                  )
                  
                  $
                  (44,422
                  )
                  
                  $
                  (2,764
                  )
                  
                  $
                  (47,186
                  )Net
      loss per share - basic and diluted
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )
                  
                  $
                  (0.00
                  )Weighted
      average number of shares outstandingduring
      the period - basic and diluted
                  
                  
                  18,121,717
                  
                  
                  
                  18,000,000
                  
                  
                  
                  18,114,405
                  
                  
                  
                  17,920,479
                  
                  
                  
                  18,035,143
  See accompanying notes to
unaudited financial statements
   2
   Global
      Holdings, Inc. and Subsidiary(A
      Development Stage Company)Consolidated
      Statements of Cash Flows(Unaudited)For
      the Nine Months Ended
                
                
                For
      the period from January 29, 2007 (Inception) to
                
                
                For
      the period from January 29, 2007 (Inception) toSeptember
      30, 2008
                
                
                September
      30, 2007
                
                
                September
      30, 2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                
                $
                (44,422
                )
                
                $
                (2,764
                )
                
                $
                (47,186
                )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Accounts
      Payable
                
                
                20,539
                
                
                
                -
                
                
                
                20,539Stock
      issued for services - related parties
                
                
                -
                
                
                
                1,550
                
                
                
                1,550Stock
      issued for services
                
                
                2,000
                
                
                
                250
                
                
                
                2,250Net
      Cash Used In Operating Activities
                
                
                (21,883
                )
                
                
                (964
                )
                
                
                (22,847
                )CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from issuance of common stock
                
                
                22,800
                
                
                
                -
                
                
                
                22,800Proceeds
      from loans payable - related party
                
                
                -
                
                
                
                964
                
                
                
                964Net
      Cash Provided By Financing Activities
                
                
                22,800
                
                
                
                964
                
                
                
                23,764Net
      increase in cash
                
                
                917
                
                
                
                -
                
                
                
                917Cash
      - beginning of period
                
                
                -
                
                
                
                -
                
                
                
                -Cash
      - end of period
                
                $
                917
                
                
                $
                -
                
                
                $
                917Supplemental
      Disclosure of Cash Flow InformationCash
      paid during the period for:Income
      taxes
                
                $
                -
                
                
                $
                -
                
                
                $
                -Interest
                
                $
                -
                
                
                $
                -
                
                
                $
                -
  See accompanying notes to
unaudited financial statements


3
  Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
 Note 1 Basis of
Presentation
  The
accompanying unaudited interim financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America and the rules and regulations of the United States Securities and
Exchange Commission for interim financial information and with the instructions
to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all the information and footnotes necessary for a comprehensive presentation of
financial position, results of operations, or cash flows. It is management's
opinion, however, that all material adjustments (consisting of normal recurring
adjustments) have been made which are necessary for a fair financial statement
presentation.
 
 The
unaudited interim financial statements should be read in conjunction with the
Company’s Annual Report on Form S-1, which contains the audited financial
statements and notes thereto, together with the Management’s Discussion and
Analysis, for the period ended December 31, 2007. The interim results for
the period ended September 30, 2008 are not necessarily indicative of results
for the full fiscal year.
 
 Note 2 Nature of Operations
and Summary of Significant Accounting Policies
 
 Nature
of Operations
 
 Global
Holdings, Inc. is a Nevada corporation incorporated on January 29, 2007. On
September 26, 2007, the Company formed its wholly owned subsidiary, BZ
Commercial Corp, a New Jersey corporation. The Company assists in securing asset
based financing for smaller companies throughout the United States and
Canada.
 
 Development
Stage
 
 The
Company's financial statements are presented as those of a development stage
enterprise. Activities during the development stage primarily include related
party debt funding, equity based financing, obtaining agreements with factoring
companies, and further implementation of the business plan.
 
 Risks
and Uncertainties
 
 The
Company operates in an industry that is subject to intense competition. The
Company's operations are subject to significant risk and uncertainties including
financial, operational, and regulatory risks including the potential risk of
business failure.
 
 4
 
 
 Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
  Use
of Estimates
  The
preparation of financial statements in conformity with generally accepted
accounting principles in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
  Cash
and Cash Equivalents
 
 The
Company considers all highly liquid instruments purchased with a maturity of
three months or less and money market accounts to be cash
equivalents.  The Company had no cash equivalents at September 30,
2008 and December 31, 2007, respectively.
 
 Accounts
Receivable
 
 Accounts
receivable represents normal trade obligations from customers that are subject
to normal trade collection terms. The Company periodically evaluates the
collectibility of its accounts receivable and considers the need to establish an
allowance for doubtful accounts based upon historical collection experience and
specifically identifiable information about customers.  Management
does not feel it is necessary to establish an allowance for doubtful accounts at
this time.  Accordingly, actual amounts could vary from the recorded
allowances.
 
 Revenue
Recognition
 
 The
Company recognizes consulting fees related to referrals of clients to brokerages
under separate brokerage agreements with the Company.  These clients
seek factoring services from the brokerages and the Company introduces the
client to the brokerage.
 
 The
Company follows the guidance of the Securities and Exchange Commission’s Staff
Accounting Bulletin No. 104 for revenue recognition and records revenue when all
of the following have occurred: (1) persuasive evidence of an arrangement
exists, (2) the service is completed without further obligation, (3) the sales
price to the customer is fixed or determinable, and (4) collectability is
reasonably assured.
 
 ·
              Evidence
      of the arrangement is noted by an executed brokerage
      agreement.
 ·
              Services
      rendered are noted by the Company’s referral of a client and the closing
      of a transaction between the referred client and the broker with whom the
      Company has executed a brokerage agreement.
 ·
              Price
      is fixed and determinable pursuant to the terms of a brokerage agreement,
      typically 10% of commissions earned at closing by the
      brokerage.
 ·
              Collectability
      is reasonably assured as the nature of the closed transactions are for
      fund raising purposes; therefore, the referred clients are deemed able to
      pay all closing costs.  To date, the Company has not had any
      collectability issues.
 5
   Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
 Earnings
per Share
 
 Basic
earnings (loss) per share is computed by dividing net income (loss) by weighted
average number of shares of common stock outstanding during each
period.  Diluted earnings (loss) per share is computed by dividing net
income (loss) by the weighted average number of shares of common stock, common
stock equivalents and potentially dilutive securities outstanding during each
period. For the period from January 29, 2007 (inception) to September 30, 2008,
the Company had no common stock equivalents that could potentially dilute future
earnings (loss) per share; hence, a separate computation of diluted earnings
(loss) per share is not presented, as the Company reflects a net loss and the
effect of considering any common stock equivalents if outstanding would have
been anti-dilutive.
 
 Stock-based
Compensation
 
 All
share-based payments to employees will be recorded and expensed in the statement
of operations as applicable under SFAS No. 123R “Share-Based
Payment”.  For the period from January 29, 2007 (inception) to
September 30, 2008, the Company has not issued any stock based compensation to
employees.
 
 Non-Employee
Stock Based Compensation
 
 Stock-based
compensation awards issued to non-employees for services are recorded at
either the fair value of the services rendered or the instruments issued in
exchange for such services, whichever is more readily determinable, using the
measurement date guidelines enumerated in Emerging Issues Task Force Issue EITF
No. 96-18, “Accounting for
Deficit Instruments That Are Issued to Other Than Employees for Acquiring, or in
Conjunction with Selling, Goods or Services” (“EITF 96-18”).
  Fair
Value of Financial Instruments
 
 The
carrying amounts of the Company’s short-term financial instruments, including
loans payable - related party, approximates fair value due to the relatively
short period to maturity for this instrument.
 
 Segment
Information
 
 The
Company follows Statement of Financial Accounting Standards No. 131, "Disclosures about Segments of an
Enterprise and Related Information."  During 2008, the Company
only operated in one segment; therefore, segment information has not been
presented.
 
 6
   Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
  Recent
Accounting Pronouncements
 
 In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”,
which clarifies the principle that fair value should be based on the assumptions
that market participants would use when pricing an asset or
liability.  It also defines fair value and established a hierarchy
that prioritizes the information used to develop assumptions.  SFAS
No. 157 is effective for financial statements issued for fiscal years beginning
after November 15, 2007.  The adoption of SFAS No. 157 is not expected
to have a material effect on its financial position, results of operations or
cash flows.
 
 In
February 2007, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities — Including an Amendment of FASB Statement
No. 115” (“SFAS 159”). This standard permits an entity to measure
financial instruments and certain other items at estimated fair value. Most of
the provisions of SFAS No. 159 are elective; however, the amendment to FASB
No. 115, “Accounting for Certain Investments in Debt and Equity
Securities,” applies to all entities that own trading and available-for-sale
securities. The fair value option created by SFAS 159 permits an entity to
measure eligible items at fair value as of specified election dates. The fair
value option (a) may generally be applied instrument by instrument,
(b) is irrevocable unless a new election date occurs, and (c) must be
applied to the entire instrument and not to only a portion of the instrument.
SFAS 159 is effective as of the beginning of the first fiscal year that begins
after November 15, 2007. Early adoption is permitted as of the beginning of
the previous fiscal year provided that the entity (i) makes that choice in
the first 120 days of that year, (ii) has not yet issued financial
statements for any interim period of such year, and (iii) elects to apply
the provisions of FASB 157. Management is currently evaluating the impact of
SFAS 159, if any, on the Company’s financial statements. The adoption of SFAS
No. 159 is not expected to have a material effect on the
Company's financial position, results of operations or cash
flows.
  In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements, an amendment of Accounting Research Bulletin
No 51” ("SFAS 160"). SFAS 160 establishes accounting and reporting
standards for ownership interests in subsidiaries held by parties other than the
parent, changes in a parent’s ownership of a noncontrolling interest,
calculation and disclosure of the consolidated net income attributable to the
parent and the noncontrolling interest, changes in a parent’s ownership interest
while the parent retains its controlling financial interest and fair value
measurement of any retained noncontrolling equity investment. SFAS 160 is
effective for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those fiscal years. Early adoption
is prohibited. The adoption of SFAS No. 160 is not expected to have a material
effect on the Company's financial position, results of operations or
cash flows.
  
 7
  Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
  In
December 2007, the FASB issued SFAS 141R, “Business Combinations”
(“SFAS 141R”), which replaces FASB SFAS 141, “Business
Combinations”.  This Statement retains the fundamental requirements
in SFAS 141 that the acquisition method of accounting be used for all business
combinations and for an acquirer to be identified for each business combination.
SFAS 141R defines the acquirer as the entity that obtains control of one or more
businesses in the business combination and establishes the acquisition date as
the date that the acquirer achieves control.  SFAS 141R will require
an entity to record separately from the business combination the direct costs,
where previously these costs were included in the total allocated cost of the
acquisition.  SFAS 141R will require an entity to recognize the assets
acquired, liabilities assumed, and any non-controlling interest in the acquired
at the acquisition date, at their fair values as of that date.  This
compares to the cost allocation method previously required by SFAS No.
141.  SFAS 141R will require an entity to recognize as an asset or
liability at fair value for certain contingencies, either contractual or
non-contractual, if certain criteria are met.  Finally, SFAS 141R will
require an entity to recognize contingent consideration at the date of
acquisition, based on the fair value at that date.  This Statement
will be effective for business combinations completed on or after the first
annual reporting period beginning on or after December 15,
2008.  Early adoption of this standard is not permitted and the
standards are to be applied prospectively only.  Upon adoption of this
standard, there would be no impact to the Company’s results of operations and
financial condition for acquisitions previously completed.  The
adoption of SFAS No. 141R is not expected to have a material effect on the
Company's financial position, results of operations or cash
flows.
 
 In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles” (“SFAS 162”).  SFAS 162 identifies the
sources of accounting principles and the framework for selecting principles to
be used in the preparation of financial statements of nongovernmental entities
that are presented in conformity with generally accepted accounting principles
in the United States.  This statement is effective 60 days following the
SEC’s approval of the Public Company Accounting Oversight Board’s amendments to
AU section 411, The Meaning of Present Fairly in Conformity with Generally
Accepted Accounting Principles.  The Company is currently evaluating the
impact of SFAS 162, but does not expect the adoption of this pronouncement will
have a material impact on its financial position, results of operations or cash
flows.
 
 In
October 2008, the FASB issued FSPFAS157-3, “Determining the Fair Value of a
Financial Asset When the Market For That Asset Is Not Active”(“FSPFAS157-3”),
with an immediate effective date, including prior periods for which financial
statements have not been issued.FSPFAS157-3 amends FAS 157 to clarify the
application of fair value in inactive markets and allows for the use of
management’s internal assumptions about future cash flows with appropriately
risk-adjusted discount rates when relevant observable market data does not
exist.  The objective of FAS 157 has not changed and continues to be the
determination of the price that would be received in an orderly transaction that
is not a forced liquidation or distressed sale at the measurement date. 
The adoption ofFSPFAS157-3 is not expected to have a material effect on the Company’s financial
position, results of operations or cash flows.
 8
   Global
Holdings, Inc. and Subsidiary
 (A
Development Stage Company)
 Consolidated
Financial Statements
 September
30, 2008
 (Unaudited)
 Other
accounting standards that have been issued or proposed by the FASB or other
standards-setting bodies that do not require adoption until a future date and
are not expected to have a material impact on the financial statements upon
adoption.
 
 Note 3 Going
Concern
 
 As
reflected in the accompanying financial statements, the Company has a net loss
of $44,422 and net cash used in operations of $21,883 for the nine months ended
September 30, 2008; and a working capital deficit and stockholders’ deficit of
$20,586, and a deficit accumulated during the development stage of $47,186 at
September 30, 2008.  In addition, the Company is in the development
stage and has not yet generated any significant revenues.
 
 The
ability of the Company to continue as a going concern is dependent on
Management's plans, which include potential asset acquisitions, mergers or
business combinations with other entities, further implementation of its
business plan and continuing to raise funds through debt or equity
raises.  The accompanying financial statements have been prepared on a
going concern basis, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business.  These
financial statements do not include any adjustments relating to the recovery of
the recorded assets or the classification of the liabilities that might be
necessary should the Company be unable to continue as a going
concern.
 
 Note 4 Loans Payable –
Related Party
 
 During
2007, the Company’s Chief Executive Officer advanced $964 to pay the Company’s
expenses.  The advances were non-interest bearing, unsecured and due
on demand.
 
 All
advances represent a 100% concentration in debt financing.
 
 Note 5 Stockholders’
Deficit
 
 During
March 2007, the Company issued 15,500,000 shares of common stock, having a fair
value of $1,550 ($0.0001/share), to its founders for services
rendered.
 
 During
March 2007, the Company issued 2,500,000 shares of common stock, having a fair
value of $250 ($0.0001/share), based upon issuances of common stock to founders
for services rendered, in exchange for consulting services to be performed over
a period of one year.  At December 31, 2007, it was determined that
the terms of service with each consultant had been fulfilled and that there was
no prepaid asset remaining.
 
 During
October – December 2007, the Company issued 84,500 shares of common stock to
third party investors under a private placement in exchange for subscriptions
receivable having a fair value of $16,900 ($0.20/share) based upon the
cash-offering price.  These subscriptions were received in January
2008.
 
 During
January and February 2008, the Company issued 29,500 shares of common stock to
third party investors under a private placement for $5,900
($0.20/share).
  On July
21, 2008, the Company issued 10,000 shares of common stock for legal services
rendered, having a fair value of $2,000 ($0.20/share), based upon the recent
cash offering price. At September 30, 2008, the Company has expensed this stock
issuance as a component of general and administrative
expense.




9






ITEM
2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS




Results of
Operation





For the
nine months ended September 30, 2008 and for the period from January 29, 2007
(inception ) to September 30, 2007 we had revenues of $1,484 and $0,
respectively. Expenses for the nine months ended September 30, 2008 and for the
period from January 29, 2007 (inception) to September 30, 2007 totaled $45,906,
and $2,764, respectively resulting in a loss from operations of $44,422 and
$2,764, respectively.


We had
our first revenue transactions during the nine months ending September
30, 2008.  Primary operations did not begin until the second quarter
of 2008.




Liquidity and Capital
Resources




As of
September 30, 2008 and December 31, 2007, we had $917 and $0, respectively in
cash.





We
believe we can satisfy our cash requirements for the next twelve months with our
current cash. However, completion of our plan of operation is subject to
attaining adequate revenue. We cannot assure investors that adequate revenues
will be generated. In the absence of our projected revenues, we may be unable to
proceed with our plan of operations. Even without adequate revenues within the
next twelve months, we still anticipate being able to continue with our present
activities, but we may require financing to potentially achieve our profit,
revenue, and growth goals.




We
anticipate that our operational, and general and administrative expenses for the
next 12 months will total approximately $50,000. We do not anticipate the
purchase or sale of any significant equipment. We also do not expect any
significant additions to the number of employees. The foregoing represents our
best estimate of our cash needs based on current planning and business
conditions. The exact allocation, purposes and timing of any monies raised in
subsequent private financings may vary significantly depending upon the exact
amount of funds raised and our progress with the execution of our business
plan.






10






Plan of
Operation




Global
Holdings, Inc. was incorporated in the State of Nevada in January
2007.  In September 2007, the Company formed its wholly-owned
subsidiary, BZ Commercial.  The Company is a development stage
principally engaged in the business of providing consulting to commercial
corporations whose sales volumes are under $1,000,000 per
year.  Through its subsidiary, the Company will attempt to secure
Asset Based Financing facilities which could include Factoring, Inventory
Lending, Purchase Order Financing, Accounts Receivable Financing and many other
types of Asset Based Lending Facilities from lenders.  In this regard,
Factoring is the sale of a company’s invoices to a third party, known as a
Factor.  A Factor will purchase a company’s invoices for up to 90%
of the total amount. The company would then get needed cash now and the
Factor takes on the risk of collecting the payments from the company’s
customers. The creditworthiness of the company’s customers is very important and
leads to better terms from a Factor.




Founded
in 2007, the Company will target companies throughout the United States and
Canada.  The focus will be companies that cannot easily secure
asset-backed financing.  Specifically, the companies focused on may
have management or historical corporate issues, be newly formed, have limited
equity and/or sustained losses that depreciate the value of the specific
company’s assets.





We expect
to have agreements in place with bank lenders whom will pay us a fixed
percentage of any loans or fees earned that will occur between our referred
clients and the bank lender.  We may also charge a fee to the client
if we are successful in securing a financial arrangement.





Typically,
we will have potential clients fill out applications and provide us with
substantial business information, such as historical data, reference, credit
reports, etc.,  which we will package and supply to lenders that we
feel will give our clients the best possible service, rates and
systems.  Upon receiving approval from a lender to proceed with
financing, we will assist our clients with deal execution and are only
compensated when financing is received for our clients.




Critical Accounting
Policies




Global
Holdings financial statements and related public financial information are based
on the application of accounting principles generally accepted in the United
States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and
subjective interpretations of accounting principles that have an impact on the
assets, liabilities, revenue and expense amounts reported. These estimates
can also affect supplemental information contained in our external disclosures
including information regarding contingencies, risk and financial condition. We
believe our use if estimates and underlying accounting assumptions adhere to
GAAP and are consistently and conservatively applied. We base our estimates on
historical experience and on various other assumptions that we believe to be
reasonable under the circumstances. Actual results may differ materially from
these estimates under different assumptions or conditions. We continue to
monitor significant estimates made during the preparation of our financial
statements.




Our
significant accounting policies are summarized in Note 2 of our financial
statements. While all these significant accounting policies impact its financial
condition and results of operations, Global Holdings views certain of
these policies as critical. Policies determined to be critical are those
policies that have the most significant impact on Global Holdings' financial
statements and require management to use a greater degree of judgment and
estimates. Actual results may differ from those estimates. Our management
believes that given current facts and circumstances, it is unlikely that
applying any other reasonable judgments or estimate methodologies would cause
effect on our results of operations, financial position or liquidity for
the periods presented in this report.






11






Recent Accounting
Pronouncements




In
September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”,
which clarifies the principle that fair value should be based on the assumptions
that market participants would use when pricing an asset or
liability.  It also defines fair value and established a hierarchy
that prioritizes the information used to develop assumptions.  SFAS
No. 157 is effective for financial statements issued for fiscal years beginning
after November 15, 2007.  The adoption of SFAS No. 157 is not expected
to have a material effect on its financial position, results of operations or
cash flows.





In
February 2007, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and
Financial Liabilities—Including an Amendment of FASB
Statement No.115” (“SFAS 159”). This
standard permits an entity to measure financial instruments and certain other
items at estimated fair value. Most of the provisions of SFAS No. 159 are
elective; however, the amendment to FASB No. 115, “Accounting for Certain
Investments in Debt and Equity Securities,” applies to all entities that own
trading and available-for-sale securities. The fair value option created by SFAS
159 permits an entity to measure eligible items at fair value as of specified
election dates. The fair value option (a) may generally be applied
instrument by instrument, (b) is irrevocable unless a new election
date occurs, and (c) must be applied to the entire instrument and not to
only a portion of the instrument. SFAS 159 is effective as of the beginning of
the first fiscal year that begins after November 15, 2007. Early adoption
is permitted as of the beginning of the previous fiscal year provided that the
entity (i) makes that choice in the first 120 days of that year,
(ii) has not yet issued financial statements for any interim period of such
year, and (iii) elects to apply the provisions of FASB 157. Management is
currently evaluating the impact of SFAS 159, if any, on the Company’s financial
statements. The adoption of SFAS No. 159 is not expected to have a material
effect on its financial position, results of operations or cash
flows.




In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial
Statements, an amendment of Accounting Research Bulletin No 51” (SFAS
160). SFAS 160 establishes accounting and reporting standards for ownership
interests in subsidiaries held by parties other than the parent, changes in a
parent’s ownership of a noncontrolling interest, calculation and disclosure of
the consolidated net income attributable to the parent and the noncontrolling
interest, changes in a parent’s ownership interest while the parent retains its
controlling financial interest and fair value measurement of any retained
noncontrolling equity investment. SFAS 160 is effective for financial statements
issued for fiscal years beginning after December 15, 2008, and interim periods
within those fiscal years. Early adoption is prohibited. The adoption of
SFAS No. 160 is not expected to have a material effect on its financial
position, results of operations or cash flows.




In
December 2007, the FASB issued SFAS 141R, “Business Combinations” (“SFAS
141R”), which replaces FASB SFAS 141, “Business Combinations”. 
This Statement retains the fundamental requirements in SFAS 141 that the
acquisition method of accounting be used for all business combinations and for
an acquirer to be identified for each business combination. SFAS 141R defines
the acquirer as the entity that obtains control of one or more businesses in the
business combination and establishes the acquisition date as the date that the
acquirer achieves control.  SFAS 141R will require an entity to record
separately from the business combination the direct costs, where previously
these costs were included in the total allocated cost of the
acquisition.  SFAS 141R will require an entity to recognize the assets
acquired, liabilities assumed, and any non-controlling interest in the acquired
at the acquisition date, at their fair values as of that date.  This
compares to the cost allocation method previously required by SFAS No.
141.  SFAS 141R will require an entity to recognize as an asset or
liability at fair value for certain contingencies, either contractual or
non-contractual, if certain criteria are met.  Finally, SFAS 141R will
require an entity to recognize contingent consideration at the date of
acquisition, based on the fair value at that date.  This Statement
will be effective for business combinations completed on or after the first
annual reporting period beginning on or after December 15,
2008.  Early adoption of this standard is not permitted and the
standards are to be applied prospectively only.  Upon adoption of
this standard, there would be no impact to the Company’s results of operations
and financial condition for acquisitions previously completed.  The
adoption of SFAS No. 141R is not expected to have a material effect on its
financial position, results of operations or cash flows.






12






In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles” (SFAS 162”).  SFAS 162
identifies the sources of accounting principles and the framework for selecting
principles to be used in the preparation of financial statements of
nongovernmental entities that are presented in conformity with generally
accepted accounting principles in the United States.  This statement is
effective 60 days following the SEC’s approval of the Public Company Accounting
Oversight Board’s amendments to AU section 411, The Meaning of Present Fairly in
Conformity with Generally Accepted Accounting Principles.  The Company is
currently evaluating the impact of SFAS 162, but does not expect the adoption of
this pronouncement will have a material impact on its financial position,
results of operations or cash flows.




In
October 2008, the FASB issued FSPFAS157-3, “Determining the Fair Value of a
Financial Asset When the Market For That Asset Is Not Active”(“FSPFAS157-3”),
with an immediate effective date, including prior periods for which financial
statements have not been issued.FSPFAS157-3 amends FAS 157 to clarify the
application of fair value in inactive markets and allows for the use of
management’s internal assumptions about future cash flows with appropriately
risk-adjusted discount rates when relevant observable market data does not
exist.  The objective of FAS 157 has not changed and continues to be the
determination of the price that would be received in an orderly transaction that
is not a forced liquidation or distressed sale at the measurement date. 
The adoption ofFSPFAS157-3 is not expected to have a material effect on the
Company’s financial position, results of operations or cash
flows.





Other
accounting standards that have been issued or proposed by the FASB or other
standards-setting bodies that do not require adoption until a future date and
are not expected to have a material impact on the financial statements upon
adoption.




Off Balance Sheet
Transactions





None.




Item
3. Quantitative and Qualitative Disclosures About Market Risk





Not
required for a Smaller Reporting Company.





Item
4T.  Controls and Procedures





(a)
  Evaluation of
Disclosure Controls. Mitchell Cohen, our Chief Executive Officer and
Chief Financial Officer, evaluated the effectiveness of our disclosure controls
and procedures as of the end of our third fiscal quarter 2008 pursuant to Rule
13a-15(b) of the Securities and Exchange Act. Disclosure controls and procedures
are controls and other procedures that are designed to ensure that information
required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by us in the reports that we
file under the Exchange Act is accumulated and communicated to our management,
as appropriate to allow timely decisions regarding required disclosure. Based on
his evaluation, Mr. Cohen concluded that our disclosure controls and procedures
were effective as of September 30, 2008.
 
 It should
be noted that any system of controls, however well designed and operated, can
provide only reasonable, and not absolute, assurance that the objectives of the
system are met. In addition, the design of any control system is based in part
upon certain assumptions about the likelihood of future events. Because of these
and other inherent limitations of control systems, there can be no
assurance that any design will succeed in achieving its stated goals under all
potential future conditions
 
 (b)
  Changes in internal
control over financial reporting. There have been no changes in our
internal control over financial reporting that occurred during the last fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting. Our management team will
continue to evaluate our internal control over financial reporting in 2008 as we
implement our Sarbanes Oxley Act testing.




13






PART
II - OTHER INFORMATION




Item
1. Legal Proceedings.




Currently
we are not aware of any litigation pending or threatened by or against the
Company.





Item
1A. Risk Factors





None.




Item
2. Unregistered Sales of Equity Securities and Use of Proceeds




None.




Item
3. Defaults Upon Senior Securities.




None




Item
4. Submission of Matters to a Vote of Security Holders.




None.




Item
5. Other Information.




None




Item
6. Exhibits and Reports of Form 8-K.




(a)           Exhibits




31.1                                 Certification
pursuant to Section 302 of Sarbanes Oxley Act of 2002




32.1                                 Certification
pursuant to Section 906 of Sarbanes Oxley Act of 2002




(b)          
Reports of Form 8-K




None.




SIGNATURES




Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.




GLOBAL
      HOLDINGS, INC.Date:
      November 13, 2008
            By:
            /s/
      Mitchell CohenMitchell
      CohenPresident ,
      CFO,
              Chairman
      of the Board of Directors




GLOBAL
      HOLDINGS, INC.Date:
      November 13, 2008
            By:
            /s/
      Stuart DavisStuart
      DavisSecretary
      and Director